20 June
Gold prices dip ahead of US Fed meeting — Reuters
According to Reuters, gold prices edged lower during Wednesday's trading session. The decline reflects investor caution ahead of the US Federal Reserve's (Fed) monetary policy decision. Additionally, market participants remain wary due to escalating tensions in the Middle East.
Gold prices fell by 0.2% to $3,378 per ounce. Analysts at ANZ noted that the metal's volatility stemmed from investors closely monitoring the Middle East situation. Besides, weak US economic data, including retail sales, housing figures, and industrial production, reinforced expectations of Fed rate cuts later this year.
Active purchases of the metal by central banks and growth in ETF assets due to Fed rate cuts will drive the gold price to $3,700 an ounce by the end of 2025 and $4,000 by mid-2026. This forecast was shown by a Goldman Sachs report.
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